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Where Did My Retirement Go? How To Locate Lost Retirement Benefits

For one reason or another, you may find yourself in a situation where you've lost track of a retirement account like a 401(k) or pension. There are several ways this can happen: Job change. People change jobs in today's economy much faster than they did in the past, and that means that retirement accounts like [...]

January 26th, 2018|

Get Ready To Save More In 2018

You can save more for retirement next year using tax-advantaged accounts, thanks to a boost in the maximum 401(k) contribution rate by the IRS. The maximum rate increases by $500 to $18,500, which is the first increase in three years. Those aged 50 or older can still contribute an additional $6,000 on top of that [...]

December 7th, 2017|

How to Fix Your Overfunded Retirement Account

Is socking away large sums in a tax-deferred retirement account ever a bad idea? It is when you exceed the annual IRS limits. And intentional or not, the penalties can be painful. Here's how overfunding occurs and what steps to take to fix an overfunded retirement account. When do overfunding situations occur? Overfunding retirement accounts [...]

October 23rd, 2017|

Is Your HSA a Retirement Tool? The Good, The Bad, and The Ugly

A Health Savings Account (HSA) is a great way to pay for medical expenses, and since unused funds roll over from year to year, the account can also provide a source of retirement funds in addition to other plans like 401(k)s or IRAs. But be aware that HSAs have significant disadvantages when compared to other retirement [...]

August 7th, 2017|

Tax-Free Income

Yes, that’s correct, there are some forms of income you receive that may be tax-free. Here is a list of ten common sources of tax-free income. Gifts. Gifts you receive are not taxable income to you. In fact, they are not subject to gift tax to the person giving the gift as long as the [...]

July 12th, 2017|

Four Tips for Working Beyond Retirement Age

Many people choose to work into their retirement years. If this is something you’re considering, here are some tips to make sure you get the greatest benefit from your efforts. Consider delaying Social Security. You can start receiving Social Security retirement benefits as early as age 62, but if you continue to work, it may [...]

May 15th, 2017|

Be Tax Wise When Withdrawing Your Retirement Savings

You've spent years saving for retirement, but now it's time to plan the best way to manage your retirement savings withdrawals. Here is a potential method to help maximize your funds using a tax-advantaged strategy. First, look at Social Security and pensions. You can use these funds for daily living much the same as you [...]

April 18th, 2017|

Planning To Retire? Consider Transferring Your Business To Your Employees

Even the most dedicated small business owners eventually want to retire. But business succession planning can be tricky. If a transfer to an outside party isn't feasible, an alternative is to consider selling your business to your employees. How? One common approach is to transfer shares through an employee stock ownership plan (ESOP), a type [...]

December 26th, 2016|

Don’t Let The “Wash Sale” Rule Ruin Your Tax Planning

As the end of another year approaches, you're looking for ways to reduce your tax bill. You have a handful of stocks in loss positions. You like the stocks and expect the prices to rebound. Should you sell now at a loss to offset other capital gains, then buy the shares right back again? Not [...]

December 5th, 2016|

Last-Minute Moves Can Lower Your Tax Bill

Only one month to go until tax filing day! That means you still have time to trim your 2015 tax bill. Here are last-minute moves to consider and deductions to remember. Maximize your 2015 IRA contribution. You have until April 18 (or April 19 if you live in Maine or Massachusetts) to make deductible 2015 [...]

February 23rd, 2016|